Ecuador to Enforce Tougher Controls for Contraband at border with Colombia

The Ecuadorian government announced it will enforce tougher controls against contraband activity at the border with Colombia.

The proposed action announced by Ecuador President Rafael Correa included stricter taxes on imports which arrive over land and higher gas prices for vehicles with foreign license plates.

These controls are an attempt to reduce the effects of the rising cost of Ecuadorian goods in relation to Colombian goods.

Ecuador’s problem arose due to the 60% depreciation of the Colombian currency in relation to the US dollar, the currency adopted by Ecuador 15 years ago. Read Article

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